B.C.’s vehicle insurance rates now among cheapest in nation: report | 24CA News

Bring Cash. It’s a typical aphorism of British Columbia, and the way costly Canada’s westernmost province is in comparison with life on the Prairies.

While that adage actually rings true for fuel and housing, in terms of automobile insurance coverage, a brand new, 42-page report says B.C. truly has among the many nation’s greatest charges.

On Thursday, ICBC launched the outcomes of the report by Ernst and Young, which in contrast charges in B.C., Alberta, Saskatchewan, Manitoba, Ontario, Nova Scotia, Prince Edward Island and Newfoundland.

The report included comparisons of costs in numerous cities, together with age-related drivers, their automobiles, common each day commute and annual kilometres pushed.

The first instance listed was an 18-year-old male scholar with a Stage 2 learner’s license and a 2012 Honda Civic LX.

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In B.C., there have been 4 costs listed for the teenager’s insurance coverage charges:

• Abbotsford ($2,994)
• Nanaimo ($2,067)
• Prince George ($2,139)
• Vancouver’s West End ($3,044)
• West Kelowna ($2,311)

The charges in B.C. have been significantly cheaper than the costs listed in Alberta, however nonetheless not as low cost as Saskatchewan:

• Calgary ($6,140)
• Edmonton ($6,471)
• Grande Prairie ($5,576)
• Red Deer ($5,557)
• Esterhazy ($1,130)
• Saskatoon ($1,128)

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The identical worth variations have been typically mirrored throughout 30 totally different driver profiles, with B.C. coming in with decrease costs than Ontario and the Atlantic provinces.

Example: 30-year-old male, married, employed, 14 years driving expertise with a 2019 Ford F350 SD XLT crew cab:

• Abbotsford ($2,413)
• Nanaimo ($1,689)
• Prince George ($1,911)
• Vancouver’s West End ($2,385)
• West Kelowna ($1,928)
• Calgary ($5,042)
• Edmonton ($4,480)
• Grande Prairie ($4,701)
• Red Deer ($4,939)
• Esterhazy ($1,417)
• Saskatoon ($1,416)
• Winnipeg ($1,150)
• Toronto ($5,294)
• Saint John ($4,483)
• Charlottetown ($3,023)
• St. John’s ($6,828)

Example: 35-year-old feminine, single, employed, 19 years driving expertise with a 2018 Volkswagen Tiguan:

• Abbotsford ($1,492)
• Nanaimo ($1,043)
• Prince George ($1,137)
• Vancouver’s West End ($1,495)
• West Kelowna ($1,178)
• Calgary ($2,639)
• Edmonton ($2,701)
• Grande Prairie ($2,264)
• Red Deer ($2,546)
• Esterhazy ($1,075)
• Saskatoon ($1,073)
• Winnipeg ($1,359)
• Toronto ($1,876)
• Saint John ($1,889)
• Charlottetown ($1,386)
• St. John’s ($2,255)

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Example: 50-year-old feminine, married, employed, 34 years driving expertise with a 2010 Dodge Grand Caravan SE:

• Abbotsford ($1,108)
• Nanaimo ($782)
• Prince George ($767)
• Vancouver’s West End ($1,163)
• West Kelowna ($847)
• Calgary ($1,497)
• Edmonton ($1,504)
• Grande Prairie ($1,164)
• Red Deer ($1,247)
• Esterhazy ($878)
• Saskatoon ($877)
• Winnipeg ($1,001)
• Toronto ($1,034)
• Saint John ($1,083)
• Charlottetown ($686)
• St. John’s ($1,346)

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“(Ernst and Young) found that auto insurance in provinces with publicly owned care-based models is more affordable than in provinces with private insurance models,” ICBC stated in its press launch.

Notably, the report got here roughly 16 months after the province modified its insurance coverage mannequin, with ICBC claiming that B.C. drivers saved a mean of $490 when renewing their insurance coverage for the primary time.

That discount in worth, stated ICBC, got here from eradicating “the adversarial approach of suing drivers and the hundreds of millions that were being spent on legal fees under the previous litigation-based system.”

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ICBC continued, saying “it’s a lower cost model that passes those savings onto customers through lower insurance rates and sees more money going directly towards the care and recovery of British Columbians injured in crashes.”

ICBC’s new mannequin, known as Enhanced Care, does have its critics, although, and Global News has lined a number of tales on that subject.

ICBC issued an enhanced care buyer report final January touting its advantages. That report may be accessed on their web site.

To view this week’s 42-page report, click on on this hyperlink.

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